...S&P Global Ratings assigned its '###' rating to the Colorado Water Resources & Power Development Authority's series 2019A drinking water refunding revenue bonds and affirmed its '###' rating on the authority's existing clean and drinking water senior- and subordinate-lien debt. The outlook is stable. Despite the subordinate-lien bonds not having any pledged debt service reserves, the authority pledges money released from these reserves and direct loan repayments to subordinate bonds. Releases occur annually. After paying subordinate debt service, management uses the remaining funds to make additional direct loans. The rating reflects our opinion of the system's: + Extremely strong enterprise risk profile because the pool, established by statute, has ongoing multiple levels of government support; and + Extremely strong financial-risk profile, reflecting its loss coverage score (LCS), operating performance, and financial policies. Because we view securitization backed by pools of public-sector...
